Egypt’s trade deficit dips 17% during 2020: Min. – EgyptToday

Egypt’s trade deficit dips 17% during 2020: Min. – EgyptToday

CAIRO – 19 January 2021: Minister of Trade and Industry Nevine Gamea, announced the success of the ministry's efforts to reduce the trade balance deficit of Egypt with world countries during 2020 by 17 percent, on an annual basis.

 

Gamea added in a statement, Tuesday, that Egypt's trade deficit with the countries of the world during 2020 amounted to about $38.291 billion, compared to $46.225 billion during 2019.

 

“This decline came as a result of the positive rates achieved in the foreign trade performance indicators during the past year, which totaled $ 88.882 billion,” she pointed out.

 

The minister said that Egyptian exports witnessed a slight decline by 1 percent during 2020, reaching a value of $25.295 billion, compared to $25.637 billion in 2019, while imports witnessed a significant decline by 12 percent, reaching $63.587 billion, compared to $71.862 billion during 2019.

 

Gamea explained that these positive indicators that were achieved during the past year confirm the success of the Egyptian government's efforts to deal with the repercussions of the spread of the Coronavirus crisis, which cast a shadow over the global trade movement.

 

She emphasized that despite the cessation of the wheel of production in many countries of the world, the Egyptian industry